Welcome to tax season folks! This season is not nearly as exciting as spring and probably not as exciting as the NHL playoffs (my Sens are out of the picture unfortunately…) but a season nonetheless. Submitting your tax return is one thing. Making sure you include all the important deductions to avoid leaving money on the table is quite another. Today’s post will list a few tax tips I think every Canadian should know about this year.
Be sure to find your tax receipts from eligible charity donations made throughout last year. Also, introduced back in 2013, see if you can take advantage of the first-time donor super credit.
Your first home
If you moved into your first house or condo a few years ago and you failed to mention it on your tax return, well make sure you mention it. Check out the first-time home buyer’s tax credit.
Did you move?
If you moved more than 40 kilometres last year for work purposes or to take courses as a student you might be leaving money on the table.
Contribute to your RRSP
The RRSP contribution deadline for the 2014 tax year is March 2, 2015. You have some time to take advantage of the RRSP limit for 2014: $24,270. However, your 2014 RRSP deduction limit may be more than that since your unused RRSP deduction room can be carried forward.
Got a home-based business?
Besides mortgage interest, property taxes and/or rent, there are other expenses that a home based business can claim deductions for. Here are some big ones:
- Internet connection
Remember you can deduct any reasonable current expense you incur to earn business income.
If you have active kids, good on you for a few reasons, an active body is an active mind and you can take advantage of the children’s fitness tax credit.
Get some help submitting your tax return this year – enter my giveaway here for a chance to win one of six (6) TurboTax Canada tax filing codes. Good luck with your entry and your tax submission this year.